We were wrong on our last candle analysis. We predicted that the S&P 500 would close positive Tuesday and near 1940. It closed negative and closer to 1930 instead. It did however test the 1940 resistance level again but was rejected. The buyers came in at the 1930 support level and the S&P 500 closed around 1934. Our candle analysis predicts that the market will close negative for Wednesday's trading day. Monday gave a hint that higher prices will be rejected and today gave more ammo to the sellers. We predict that it will fail at 1930 support and give back possibly half of the gains made on Friday and close around 1920. The MACD is still in seller control and the RSI is a little below 50. These conditions make a strong case for the bears.
Dwayne Tucker is an individual investor in Akron, OH. He began is journey in 2006. After numerous investment mistakes, he followed a simple method to make consistent gains. He credits his achievements to hard work, self discipline and his hunger for education. From his experiences, he helps other beginning investors clear the difficult hurdle by teaching his simple technique. Dwayne helps run www.wincrease.com , which is dedicated to helping beginning individual investors.
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